International edition
September 29, 2020

The loan was scheduled to mature February 9

Hard Rock Hotel granted loan extension

(US).- The Hard Rock Hotel announced thsi week that it has been granted an extension until 2014 on maturity dates for us$ 1.1 billion in commercial mortgage-backed securities. Hotelier Morgans Hotel Group, the property’s minority owner and manager, announced the extension as the resort opened a new tower and expanded casino.

T

he loan, which is secured by the hotel-casino, was scheduled to mature February 9 with two one-year extensions. The loan included us$ 620 million in construction loans that helped pay for the us$ 750 million expansion

The 374-room HRH tower anchors new amenities which include the 2,322 sqm Reliquary Spa, a new parking garage with a porte-cochere and 40,000 square feet of new casino space.A new nightclub, the 1,300 sqm Vanity, opens New Year’s Eve.

The 450-room Paradise Tower, convention space and a new, expanded concert venue, The Joint, opened earlier this year. A pool expansion is scheduled to open this summer.

A second loan secured by 11 acres of unused land next to the Hard Rock Hotel was also extended to February 2014. The us$ 50 million loan matured August 9 and was in default before the new agreement.

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